Norges Bank Portfolio holdings
Norges Bank, established in 1816 and headquartered in Oslo, Norway, serves as the central bank of Norway, responsible for monetary policy, issuing the Norwegian krone, and maintaining financial stability. Beyond its traditional central banking role, it oversees the management of the Government Pension Fund Global (often called the Norwegian Oil Fund), one of the world’s largest sovereign wealth funds, valued at over $1 trillion, which invests Norway’s oil and gas revenues in global equities, bonds, and real estate. The fund’s investment arm, Norges Bank Investment Management (NBIM), operates independently to ensure long-term wealth preservation for future generations, emphasizing sustainable and ethical investing practices. With its dual role, Norges Bank uniquely blends central banking duties with stewardship of a massive global investment portfolio.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1651
Caleres
CAL
$421M
| $377K | ﹤0.01% |
30,888
| – | – |
|
1652
Metagenomi Therapeutics
MGX
$45.7M
| $373K | ﹤0.01% |
252,310
| – | – |
|
1653
Oxford Industries
OXM
$567M
| $369K | ﹤0.01% |
9,161
-5,055
| -36% | -$254K |
|
|
ONTF
1654
DELISTED
ON24
ONTF
| $359K | ﹤0.01% |
66,200
| – | – |
|
1655
Oscar Health
OSCR
$9.28B
| $358K | ﹤0.01% |
16,718
| – | – |
|
1656
Apogee Enterprises
APOG
$850M
| $355K | ﹤0.01% |
8,744
-24,551
| -74% | -$1.01M |
|
1657
Schneider National
SNDR
$6.17B
| $353K | ﹤0.01% |
14,635
-68,503
| -82% | -$1.59M |
|
1658
Harmony Biosciences
HRMY
$2.32B
| $351K | ﹤0.01% |
11,123
-42,927
| -79% | -$1.38M |
|
1659
Prothena Corp
PRTA
$466M
| $349K | ﹤0.01% |
57,454
| – | – |
|
1660
MGP Ingredients
MGPI
$349M
| $342K | ﹤0.01% |
11,415
| – | – |
|
1661
AtriCure
ATRC
$2.51B
| $342K | ﹤0.01% |
10,438
-48,516
| -82% | -$1.58M |
|
1662
Cimpress
CMPR
$2.17B
| $337K | ﹤0.01% |
7,174
-12,959
| -64% | -$566K |
|
1663
Perimeter Solutions
PRM
$5.25B
| $333K | ﹤0.01% |
23,935
| – | – |
|
1664
N-able
NABL
$744M
| $327K | ﹤0.01% |
40,395
-225,506
| -85% | -$1.68M |
|
1665
Schrodinger
SDGR
$1.53B
| $311K | ﹤0.01% |
15,437
-29,556
| -66% | -$675K |
|
1666
Triumph Financial Inc
TFIN
$1.72B
| $304K | ﹤0.01% |
5,523
-27,268
| -83% | -$1.52M |
|
1667
Kulicke & Soffa
KLIC
$4.43B
| $304K | ﹤0.01% |
8,776
-72,778
| -89% | -$2.37M |
|
1668
Pulse Biosciences
PLSE
$3.47B
| $302K | ﹤0.01% |
20,000
| – | – |
|
|
CPRX
1669
DELISTED
Catalyst Pharmaceutical
CPRX
| $299K | ﹤0.01% |
13,766
| – | – |
|
|
STRZ
1670
Starz Entertainment Corp
STRZ
$466M
| $293K | ﹤0.01% |
+18,237
| New | +$289K |
|
1671
Sonos
SONO
$1.79B
| $289K | ﹤0.01% |
26,690
-169,586
| -86% | -$1.65M |
|
1672
Quaker Houghton
KWR
$2.82B
| $269K | ﹤0.01% |
2,401
-65,900
| -96% | -$7.16M |
|
1673
Liquidity Services
LQDT
$1.3B
| $268K | ﹤0.01% |
11,364
| – | – |
|
1674
Steven Madden
SHOO
$3.27B
| $255K | ﹤0.01% |
10,640
-95,945
| -90% | -$2.25M |
|
1675
American Well
AMWL
$198M
| $250K | ﹤0.01% |
28,070
| – | – |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.